From financing to financialization: the restructuring of space by Real Estate Investment Trust in São Paulo

• Grant number: 20/07497-1
• Support Opportunities: Scholarships in Brazil - Master
• Start date: April 01, 2021
• End date: December 31, 2022
• Field of knowledge: Applied Social Sciences - Architecture and Town Planning
• Principal Investigator: Maria Beatriz Cruz Rufino
• Grantee: Vinicius Kuboyama Nakama
• Host Institution: Faculdade de Arquitetura e Urbanismo (FAU). Universidade de São Paulo (USP). São Paulo , SP, Brazil

Abstract

Since the institutionalization of Real Estate Investment Trust (Brazilian REITs) in the 1990s, this has been showing significant growth, establishing itself as a relevant means of capturing funds in the capital market for real estate financing. Since the transformation of space is a movement of absorption of surplus capital that allows the reproduction of capital itself, we seek to understand how the approximation between the real estate sector and finance affects the production and restructuring of urban space. To this end, it is maintained that in the figure of the REITs, the spatial characteristics resulting from the urbanization process - homogenization, fragmentation, and hierarchy - undergo a deepening and radicalization, the results of this instrument being exemplary products of the city under the domain of finance. This space is homogeneous because it is designed by increasingly uniform parameters; their uses are fragmented in different segments of activity and these fractions are hierarchized in a classification system (ranking). The choice of the metropolis of São Paulo as a case study is justified by its centrality in the concentration and circulation of capital, in addition to having the largest number of properties under the management of REITs in the country, which may demonstrate the assumed process. (AU)

Scientific publications

(References retrieved automatically from Web of Science and SciELO through information on FAPESP grants and their corresponding numbers as mentioned in the publications by the authors)

VINICIUS NAKAMA. A instrumentalização financeira do espaço: Fundos de investimento imobiliário como estruturas de capital fixo. Revista INVI, v. 36, n. 103, p. 194-214, 2021-10-00. (20/07497-1, 19/18881-0)

Academic Publications

(References retrieved automatically from State of São Paulo Research Institutions)

NAKAMA, Vinicius Kuboyama. From financing to financialization: the restructuring of space by Real Estate Investment Funds in São Paulo.. 2022. Master's Dissertation - Universidade de São Paulo (USP). Faculdade de Arquitetura e Urbanismo (FAU/SBI) São Paulo.